The customs department adds that non-residential deals in February totalled 10,090, 8% up on January and 1% higher than a year ago. 

Phoebus Software chief sales and marketing officer Richard Pike says: “A peak in residential transactions in February was expected as buyers rushed to complete purchases ahead of the stamp duty deadline, mirroring trends seen before previous tax changes.  

“While this has contributed to the uplift in today’s figures and is likely to be repeated in March data, we may see a slowdown in April as the market adjusts.” 

SPF Private Clients chief executive Mark Harris adds: “Transaction numbers have picked up on the back of rate reductions and buyers trying to take advantage of stamp duty savings before they disappear at the end of this month.  

“The market remains quite tough but business continues to pick up as the sun comes out and the weather starts to improve.” 

OnTheMarket president Jason Tebb points out: “The significant jump in transaction numbers indicates how important the stamp duty concession has been to the housing market, with buyers bringing forward purchases to beat the deadline. 

“Two rate reductions in the second half of last year gave buyer and seller confidence a real boost. With one cut already this year – and more expected – there is cautious optimism.  

Tebb adds: “Several lenders have recently reduced their mortgage pricing, which is helping ease affordability. 

“Increased stock, as sellers try to take advantage of the spring market, means buyers have more choice than has been the case for a while.  

“This is putting them in a stronger negotiating position and they remain price sensitive.”